Bay Street May Open With Positive Bias

(RTTNews) - Canadian shares may open with a slightly positive bias on Wednesday, although weak crude oil prices might limit the market's upside. Investors will focus on trade talks and earnings announcements from big name U.S. companies for directional clues.

Data from Canada Mortgage and Housing Corporation showed housing starts in Canada increased to 283,730 unit in June from 282,710 units in May of 2025.

The Canadian market ended weak on Tuesday as investors resorted to profit taking after the index climbed to a new record high. The benchmark S&P/TSX Composite Index ended with a loss of 144.71 points or 0.53% at 27,054.14, well off a new high of 27,239.48.

Asian stocks ended mostly lower on Wednesday as U.S. President Donald Trump announced a 19 percent tariff on Indonesian exports under a new bilateral pact.

Indonesia has scrapped tariffs on U.S. goods and pledged billions in purchases to maintain access to its second-largest export market, it was said. Analysts said the deal is heavily skewed in favor of the U.S., requiring significant trade-offs.

The major European markets are up in positive territory in cautious trade with investors largely tracking corporate news for direction.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.67 or 1.01% at $65.85 a barrel.

Gold futures are gaining $7.70 or 0.17% at $3,344.40 an ounce, while Silver futures are up $0.050 or 0.13% at $38.160 an ounce.